Riyadh – Mubasher: The Saudi Industrial Development Company (SIDC) reported 39.18% year-on-year (YoY) higher net losses at SAR 24.69 million in the first half (H1) of 2026, compared to SAR 17.74 million.
Total revenue for the half-year period fell by 17.88% to SAR 42.89 million from SAR 52.23 million a year earlier, as the company faced lower sales volumes in its mattress, sponge, and sanitary ware segments.
For the second quarter (Q2) of 2026, the company posted a net loss of SAR 13.06 million, a 57.35% increase from the SAR 8.30 million loss in the prior-year quarter.
Quarterly sales dropped by 26.75% to SAR 20.56 million. Management attributed the widening losses to lower gross margins and increased asset impairment charges.
The independent auditor’s report included a material uncertainty note regarding the group's ability to continue as a going concern. The group cited negative operating cash flows and a foreign currency translation reserve loss of SAR 52 million.
Total shareholders' equity stood at SAR 116.61 million as of 30 June 2026, compared to SAR 54.04 million in the previous year. Loss per share for the half-year period was SAR 0.82.
